MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	BR.EX SA

Registered Office :	Via Lavizzari 6, 6830 Chiasso/TI, Switzerland/CH

Country :	Switzerland

Date of Incorporation :	02.12.2009

Com. Reg. No.:	501.3.013.866-4 / 963991

Legal Form :	Company limited by shares

Line of Business :	The business is engaged in fashion design and marketing of footwear and accessories.

No. of Employees :	6

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Switzerland

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SWITZERLAND - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 3.0% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safe-haven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 1.9% in 2011 and 0.8% in 2012. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and is considering the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company Name

BR.EX SA

Operating address

Via Lavizzari 6

6830 Chiasso/TI

Switzerland/CH

Telephone: 091 6975090

Fax: 091 6975099

Web site: http://www.brex-sa.com

E-mail: info@brex-sa.com

WIN Worldbox No.: CH0008450179

VAT-No.: CHE115251132

Profile

Established: 2009

Line of Business: Retail stores, Special retail

Industry Division: Retail trade

Industry-code (NACE): 4772 Retail sale of footwear and leather goods in specialised stores

4771 Retail sale of clothing in specialised stores

4791 Retail sale via mail order houses or via Internet

Import/Export: Import

Banks: unknown

Operational Figures

Employees: 6

Sales: CHF 1-2 Mio

Activity

The business is engaged in fashion design and marketing of footwear and accessories, to open new business opportunities to well established and known international Brands.

The company have also a store and they will have soon an e-store.

A worldwide license to produce and sell shoes for the Italian well-known jeanswear Brand GAS. They have also an own brand.

Real Estate

Real Estate: The Company owns no property.

Company Register

Company No: 501.3.013.866-4 / 963991

Legal form: Company limited by shares

Registration: 02.12.2009

Legal status: active

Responsible Register: Registro di commercio del Cantone Ticino

History: Date of Incorporation Statutes: 01.12.2009

Entry Deleted Name

02.12.2009 BR.EX SA

Entry Deleted Legal domicile

02.12.2009 Chiasso, Switzerland

Entry Deleted Address

02.12.2009 Via Lavizzari 6, 6830 Chiasso/TI, Switzerland/CH

Entry Deleted Capital

02.12.2009 Share Capital CHF 100,000, paidup CHF 100,000

Entry Deleted Capital Structure

02.12.2009 100 Bearer shares of CHF 1,000.--

Entry Deleted Activity (original Language)

02.12.2009 L'attività commerciale e di marketing nel campo della moda ed in particolare la commercializzazione con marchio proprio o con licenza per marchio di capi di vestiario, calzature e accessori. La società può acquistare, gestire e rivendere negozi ed assumere rappresentanze, anche esclusive, nel ramo dell'abbigliamento e della moda. La società può partecipare ed erogare finanziamenti ad aziende affini o simili. La società può svolgere ogni negozio e concludere ogni contratto che persegue lo scopo o che è in rapporto con lo stesso.

Entry Deleted Remarks (original Language)

02.12.2009 Publishing authority: FUSC.

02.12.2009 Audit: Con dichiarazione del consiglio di amministrazione del 01.12.2009 la società non è soggetta alla revisione ordinaria e rinuncia a una revisione limitata.

Official Administration

Title Name

Director Ernesto Breguet, Origin: Coffrane, Switzerland, Residential address: 6648 Minusio, Switzerland, single signature, Registered since: 02.12.2009

Management

Title Name

Director Maddalena Spreafico, Origin: Italy, Residential address: Eupilio, Italy, single signature, Registered since: 13.05.2013

Owner/-s

Owner: The company is privately owned.

Investments

It is believed that the company has no investments.

Legal Actions

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The Company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is difficult to assess.

Payment experiences: There are no objections regarding the payment of financial obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.79
UK Pound	1	Rs.98.66
Euro	1	Rs.83.42

INFORMATION DETAILS

Report Prepared by :

NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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